CBN injects $210m into forex market

The Central Bank of Nigeria (CBN) has boosted the inter-bank foreign exchange market with $210 million.

According to a statement on Monday by the Bank’s Acting Director, Corporate Communications, Mr Isaac Okorafor, this was to meet customers’ requests in various segments of the market.

He said the fund would also ensure that legitimate demands for foreign exchange were met.

He said that the CBN offered $100 million to authorised dealers in the wholesale segment of the market, while the Small and Medium Enterprises (SMEs) segment got $55 million.

He said also that customers needing foreign exchange for tuition fees, medical payments and Basic Travel Allowance (BTA), among others, were also allocated the sum of $55 million.

Okorafor reiterated the Bank’s determination to continue to intervene in the interbank foreign exchange market, in line with its pledge to sustain liquidity in the market and maintain stability.

He said the CBN would continue to manage the forex market with a view to reducing the country’s import bills and minimise depletion of foreign reserves.

Meanwhile, the Naira continues its stability in the foreign exchange market, exchanging at an average of N361 to a dollar in the Bureau de Change segment of the market.